Stratasys Ltd., the 3D printing and additive manufacturing solutions company, announced financial results for the fourth quarter and fiscal year 2015.
Q4-2015 Financial Results Summary:
-
Revenue for the fourth quarter of 2015 was
$173.4 million . -
GAAP net loss for the fourth quarter was
$232.3 million , or ($4.46 ) per diluted share, compared to a loss of$92.0 million , or ($1.81 ) per diluted share, for the same period last year. -
Non-GAAP net loss for the fourth quarter was
$0.7 million , or ($0.01 ) per diluted share, compared to non-GAAP net income of$24.9 million , or$0.48 per diluted share, reported for the same period last year. -
The Company generated
$7.7 million in cash from operations during the fourth quarter, and finished the year with approximately$258.2 million in cash and cash equivalents and short-term bank deposits. -
The Company invested a net amount of
$22.2 million in R&D projects (non-GAAP basis) during the fourth quarter, representing 12.8% of net sales. -
Non-GAAP EBITDA for the fourth quarter amounted to a loss of
$1.4 million . -
The Company sold 4,629 3D printing and additive manufacturing systems during the quarter, and on a pro-forma combined basis, has sold a total of 146,024 systems worldwide as of
December 31, 2015 . -
The Company completed the goodwill impairment analysis of all of its reporting units that began in the third quarter, and recognized an additional non-cash goodwill, and other intangible assets impairment charges of
$104 million , net of tax. -
The Company also recorded a non-cash valuation allowance against its deferred tax assets in an amount of
$95 million .
Fiscal 2015 Financial Results Summary:
-
Revenue for fiscal 2015 was
$696.0 million compared to$750.1 million for fiscal 2014. -
GAAP net loss for fiscal 2015 was
$1.4 billion , or ($26.64 ) per diluted share, compared to a loss of$119.4 million , or ($2.39 ) per diluted share, for the same period last year. -
Non-GAAP net income was
$10.0 million for fiscal 2015, or$0.19 per diluted share, compared to non-GAAP net income of$103.6 million , or$2.00 per diluted share, reported for the same period last year. -
Backlog at the end of fiscal 2015 amounted to
$27.3 million , versus$14.3 million at the end of 2014.
"Our fourth quarter results reflect the impact of a market environment that is consistent with conditions we have observed throughout the year," said
Recent Business Highlights:
"We have entered a transformative new phase in our company's development," continued Reis. "Our goal is to maintain our leadership position in prototyping, while developing a solutions-based business model that targets key vertical markets and emerging applications for end-use parts. We believe our comprehensive new strategy will help grow our markets and is essential for maintaining our leadership position."
-
Initiated a restructuring plan to generate operational efficiencies and improvements in working capital management.
- Reduced global workforce by approximately 10% during the fourth quarter.
- Initiated programs to reduce operating expenses and optimize manufacturing.
- Impact of restructuring activities will be realized throughout 2016.
-
Introduced the updated Objet Connex3, which features the
Creative Color Software powered by the Adobe 3D Color Print Engine that enables new color spectrum capabilities; and includes new software enhancements that simplify the design-to-3D print workflow. - Introduced the MakerBot Smart Extruder+, which is designed and tested to provide improved print performance over a longer period of time. The Smart Extruder+ features improved key components to promote longer-lasting reliability.
